GSP renewal appears to be having a very positive impact on American companies – and their sourcing from GSP countries. Based on data released last week, American importers saved $57 million in November 2015 as a result of the program’s reinstatement in late July 2015. In total, GSP saved American companies $230 million between Augu...
Continue readingBased on newly available July 2015 trade data, American companies paid about $1.3 billion in higher import taxes while GSP was expired between August 2013 to July 2015. With the retroactive GSP renewal, nearly all of that will be refunded automatically. The map below shows the breakdown of GSP tariffs paid during expiration that are...
Continue readingThey say a picture is worth a thousand words. The pictures above (or at least the checks in them) are worth SO much more. The checks are the first GSP refunds for The Cannon Group, a small business in Westerville, Ohio that imports plastic bags for newspapers from Sri Lanka. For nearly 2 years while...
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